Green light from Banco Bpm's Shareholders' Meeting with a very large majority of all items on the agenda. With 99% of the votes in favor it was approved the 2020 budget which closed with a consolidated net profit of approximately 21 million euros (330 million euros considering non-recurring items); with almost 97% of the consensus distribution of a dividend of 6 cents per share and, finally, with more than 97% of yes the remuneration policy.
The Assembly, however, takes place without shareholders and in their place the BoD and the representatives to whom the shareholders have expressed their vote by proxy have presented themselves. For a total of approx 1800 shareholders, equal to 40,26% of the share capital.
For 2020, the shareholders approved the reduction of about 45% of economic resources relating to the 2020 short-term incentives and, at the same time, postponed the launch of the long-term incentive plan to 2021 with the consequent further containment of the variable remuneration for the year. The BoD, the Board of Statutory Auditors and the top management of Banco BPM waived part of their remuneration in 2020 to contribute to fundraising in favor of projects in solidarity with the health and economic emergency and, finally, approved the inclusion of ESG KPI for the incentive system of managers, in line with sustainability projects.
It was the positive results achieved by the banking group last year that allowed the BoD to propose the distribution of a dividend in line with the ECB's indications of 6 cents per share, equal to 90,9 million euro.
The Shareholders' Meeting, on the request for authorization from the BoD to carry out transactions for the purchase of treasury shares and the disposal of the same, resolved, with almost 98% of the votes in favour, to authorize the purchase of ordinary shares of Banco BPM SpA., in one or more tranches, for a total maximum amount of 16 million euros.
In particular, the authorization is aimed at implementing the remuneration policy adopted by the Group, which provides, for the Group's identified staff, that at least 50% of the incentive of the STI plan and the entire incentive of the plan LTI are recognized through the allocation of ordinary shares of the Bank.
Finally, the Shareholders' Meeting proceeded with theintegration of the Board of Statutory Auditors with the appointment of Dr. Silvia Muzi as Standing Auditor and Prof. Francesca Culasso as Alternate Auditor, who will remain in office until the Shareholders' Meeting to approve the financial statements which will close on 31 December 2022.
“Banco BPM, with today's meeting, – declared the President Massimo Tononi – closes an exercise of extraordinary complexity given the constraints that the health emergency has placed in every individual, social and economic sphere. In this context, the Bank has managed to mobilize human, professional and financial resources in a timely manner, which have contributed to the stability of the socio-economic system”.
“In 2020 we managed to lay solid foundations for the future by investing in areas of particular importance such as digital, which proved essential during the pandemic, and sustainability. For these results I thank all the colleagues for their commitment, the great dedication shown in this difficult period and the team spirit that has characterized their daily work", added theChief Executive Officer Giuseppe Castagna.
